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Hum do and Hamare do Tax Benefit under Income Tax Act, 1961

~ Hum do and Hamare do ~ If you are an Indian, you must have heard this slogan at some point in your life. And, even if you are reading this for the first time, this is the slogan that Indian government used to encourage and control the population of our country. India’s population standing […]...

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Posted Under: CA, CS, CMA |

Result of CS Examinations December, 2020- Toppers & Analysis

In Executive Programme (Old Syllabus) examination 15.21 percent of candidates passed in Module – I and 21.28 percent in Module – II, while in Executive Programme (New Syllabus) examination 8.27 percent of candidates passed in Module – I and 15.49 percent in Module – II....

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Posted Under: CA, CS, CMA |

GST registration Cancellation vide deficient SCN unsustainable

Turret Industrial Security Pvt. Ltd Vs Union of India (Jharkhand High Court)

Petitioner could not furnish his reply as no date or time was indicated therein. As such, the cancellation of registration resulting from such an incomplete/deficient show-cause notice (SCN) also cannot be sustained being violative of principles of natural justice....

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Various Important Due Date Upcoming

The Institute of Cost Accountants of India has compiled Various Upcoming Important Due Date which includes due dates of Annual – Updation of Udyam Registration, Updation of GSTN in Udyam Registration, Migration of UAM/EM Part-II to Udyam Registration, Annual Updation of Import Export Code (IEC), Opt in GST Composition Scheme, Linking of...

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Posted Under: CA, CS, CMA |

No Section 271(1)(c) Penalty when No Concealment In ITR

Balee Plastics Pvt. Ltd. Vs ITO (ITAT Mumbai)

Balee Plastics Pvt. Ltd. Vs ITO (ITAT Mumbai) We find that on perusal of page 10 read with page 13 of the factual paper book filed by the assessee comprising of the profit and loss account for the year ended 31/03/2009 and the schedule for the other income thereon, the sum of Rs.3 Crores has […]...

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CBDT date for filing declarations under VSV Act to 31.03.2021

Notification No. 09/2021/S.O. 964(E) (26/02/2021)

CBDT further extends the date for filing of declarations under the Vivad Se Vishwas (VSV) Act, 2020 to 31st March, 2021. Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. Date for payment without additional amount under VSV extended to 30th April, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TA...

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Addition justified for unexplained deposit into bank account

Karan Sharma Vs ITO (ITAT Bangalore)

Karan Sharma Vs ITO (ITAT Bangalore) The assessee has explained that Rs.92,54,462 is out of previous withdrawals and sale of garments and pleaded that it is to be excluded from the taxation. The assessee has not furnished any evidence to establish the nexus between the earlier withdrawals and deposits into various bank accounts. In such [...

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Zero rated supply under GST post budget 2021

The Finance Bill 2021 has proposed two major amendments in the Integrated Goods and Services Tax Act, 2017. Both the amendments relate to the provisions of section 16 of the IGST Act, 2017 concerning zero rated supply. The present article briefly explains the said amendments carried out vide Budget 2021. Amendments to the definition of [&...

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Posted Under: CA, CS, CMA |

MHA extends Guidelines on Surveillance etc upto 31.03.2021

Order No. 40-3/2020-DM-I(A) (26/02/2021)

MHA extends Guidelines for Surveillance, Containment and Caution States/ Union Territories to strictly enforce SOPs on various activities and to exercise caution and strict surveillance upto 31.03.2021....

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AO cannot reject Valuation report for non-filing of the same during Original or Revision Proceedings

Sri Sakthi Textiles Ltd Vs DCIT (ITAT Chennai)

Sakthi Textiles Ltd Vs DCIT (ITAT Chennai) Coming back to observations of the Assessing Officer regarding valuation report. The Assessing Officer never stated that assessee has not filed valuation report in support of fair market value of shares. In fact, Assessing Officer has categorically admitted that assessee has filed valuation repor...

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